A net loss for the quarter ended 30 September 2014 was reported at NOK37m ($5.4m) as against a profit of NOK76m in the same period of last year. Singapore-listed Vard, however, believed that it will return to profit in the next quarter, with further improvements in 2015.
Revenue during the quarter improved to NOK2.81bn from NOK2.37bn a year ago.
Vard, 55.63% owned by Italy’s Fincantieri Oil & Gas, said it is well positioned to withstand a softer market in the near to medium term, with an orderbook of 40 vessels stretching into 2017 and valued at NOK20.1bn at the end of the third quarter.
“As the industry steers towards a more cautious investment climate and softer outlook, there continues to be demand for certain vessel types, in particular within the subsea support and construction vessel market (…),” said Roy Reite, ceo and executive director of Vard.
“While we expect below average new order intake in the near to medium term, negotiations on several contracts are ongoing, and Vard remains well positioned,” he continued.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
